Federal regulators appear to be doing their utmost to permit predatory loan providers to swarm our state and proliferate.

Final month, the buyer Financial Protection Bureau rescinded a vital payday lending reform. As well as on July 20, a bank regulator proposed a guideline that will enable predatory loan providers to use even yet in violation of a situation interest rate cap – by paying out-of-state banking institutions to pose because the “true lender” for the loans the predatory lender markets, makes and manages. This scheme is called by us“rent-a-bank.”

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